Parliament's lower house approves purchase of Sberbank stock by Russian government

MOSCOW, March 12 (RAPSI) – The State Duma adopted two bills on the purchase of the Sberbank shares by the Russian government in a final third reading on Thursday.

The first initiative stipulates withdrawal of the Bank of Russia from the bank’s equity.

According to the initiative, the Central Bank will sell its equity stocks to the Cabinet of Minister at a weighted average price depending on security quotes for the last six months before the first deal round.

The draft law is aimed to eliminate a potential problem of the Central Bank’s conflict of interests in acting jointly as stockholder, regulator and supervisory body.The second bill proposes to set an order of transfer to the federal budget of a fraction of revenue from the Sberbank stock sale.

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